By: Devin
Hi all, Really interesting thread. My parents split amicably with my mom saving and my father spending. He died broke. My mom will have a comfortable road ahead. Both of them gave me the same advice:...
View ArticleBy: Saya
is there anyway to prevent a spouse running up credit cards you would be responsible for? I have to admit in this day and age, my biggest fear of marriage is that they will not end up to be the person...
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By: Luke
5-6 years ago I ended a relationship with my girlfriend of 5 years as we were both stuck in dead-end jobs and while I was willing to complete some postgraduate study to improve our odds, she was happy...
View ArticleBy: AC
It’s not the relationship you want to protect yourself from, but the creditors. each state is different on what property they view as exempt from creditors when you put assets into a trust. That is why...
View ArticleBy: Deb
I am convinced that THE single most important financial decision anyone will make is who they decide to marry. A bad choice can damage you for years to come in every way imaginable. My ex husband was a...
View ArticleBy: honeybee
I agree with Saya — it seems completely unfair that people should have zero way of stopping this from happening, but 100% of the responsibility. Anyone know about this? Also, #7 Cely, how responsible...
View ArticleBy: Maharani
I am 55 and have been single all my life by choice. This is rare for an Indian woman (rule #1: All Indians are married….). Lately Ive been thinking a relationship might be nice, but, after having...
View ArticleBy: Kevin
I disagree with Saya and Honeybee. I think it’s a GOOD thing that marriage binds two people together financially. It’s part of what makes it such a solemn and serious commitment. I think people have...
View ArticleBy: Shane
How about another post on parents’ poor financial habits and how they rain down on the responsible child. And nine times out of ten, the one responsible child in the family is the one who the parents...
View ArticleBy: JohnQ
How about the opposite? Keeping savings secret from your partner. My wife and I have different philosophies when it comes to money. I’m frugal, watch how I spend, and save aggressively (more than 60%...
View ArticleBy: Rosa
@Saya #12 – there is one way. Don’t get legally married. Get married in your church & do the paperwork you want (will, ownership agreements, etc.) and don’t go for the state-sanctioned agreement....
View ArticleBy: elena
I’m guilty of carrying debt that my husband doesn’t know about from time to time($100-$5000). I plan the budget, pay his card in full, but pay only a set amount each month on mine because it makes the...
View ArticleBy: OnTheMend
In our family, I was the one who did it. None of the purchases were hidden – it’s hard to hide a 2-week family trip, or a new car – but the source of the funds were. I was using our home equity to pay...
View ArticleBy: Jane
“Sorry but I think sharing finances is really dumb, even in a marriage.” Whether you share finances or not, as many have discussed above, legally you are usually responsible for your spouse’s debt even...
View ArticleBy: Rosa
Jane, the problem is that you can think you have complete transparency, but your spouse can have a whole other account that you would never know about, unless you check their credit report regularly....
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By: anonymous
@JohnQ My husband and I have separate accounts, and right now we don’t have savings because we are aggressively paying down debt, but he used to ask me to hide savings from him. When I have money in...
View ArticleBy: Jane
Oh, Rosa, I completely agree. If someone wants to hide something from you, they will find a way. I’m just saying that it makes it harder if you have a relationship in which it is okay to open each...
View ArticleBy: JohnQ
Thanks Jane. I forgot to mention I also got life insurance of 1MM (in addition to the 250K provided by my employer) and didn’t tell wife either (she’s 75% beneficiary, and my parents the other 25%). My...
View ArticleBy: OnTheMend
@JohnQ: My 2 cents, take or leave. I think choosing not to communicate with your spouse is setting yourself up for some serious relationship difficulties down the road. Open communication is the only...
View ArticleBy: partgypsy
This post makes me feel very thankful for my spouse. We may have quibbles but I feel like we are on the same page. My parents did not fare so well. My mother is conservative with money, but my father,...
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